Business News
Philippine stocks soars 5.11 per cent
Aug 24, 2009, 5:28 GMT
Manila - Philippine share prices soared 5.11 per cent Monday on expectations that the local economy was on the road to recovery from the global financial crisis.
The 30-share composite index of the Philippine Stock Exchange gained 139 points to close at 2,859.18, from Thursday's finish of 2,720.18. The market was closed last Friday due to a public holiday.
A total of 2.44 billion shares worth 4.21 billion pesos (87.71 million dollars) were traded.
Gainers swamped losers 97 to 18, while 46 issues were unchanged.
Traders said investors were upbeat after international credit rating agency Standard & Poor's revised upward its forecast for the Philippine economy.
According to S&P's mid-year outlook, the Philippines' gross domestic product (GDP) was expected to expand between 1 per cent and 1.5 per cent this year.
The agency previously forecast GDP in the Philippines to grow 0.5 per cent and 1 per cent.
It also expects the Philippine economy to expand between 3.3 per cent and 3.8 per cent in 2010, up from the original forecast of between 2.6 per cent and 3.6 per cent.
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